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Solve for capital per worker in steady state for each country. Calculate the ratio of output per worker in steady state in the two countries. Interpret the answer.
United States has been growing at an average rate of 1.9% per year. Calculate the year in which income per capita in the United States was equal to year 2010 income per capita in India.
Define economics of regulation. Explain why economics regulation exists. Explain how economics regulation affects the market of telecommuniciation.
The CEO responded that fixed costs do not matter in the shutdown decision and operations at the Atlanta facility should stop immediately. Who is correct? How would you explain to the incorrect par
Assume that the demand for plastic surgery is price inelastic. Based on this assumption, explain whether each of the following statements is true or false and why.
A monopolist can sell 15,000 units at a price of $20 per unit. Lowering price by $1 raises the quantity demanded by 2,000 units. What is the marginal revenue of this price change?
If you were asked to forecast jand and feb sales for next year, would you be confident of your forecast using the preceding moving averages,? Why?
Nimbus Inc., makes brooms and then sells them door to door. (a) Fill in the column of Marginal Products. What pattern do you see? When does diminishing returns set in? (b) A worker costs $8.00 a day
Suppose the monthly demand for soda by a consumer is given by Q=10-8P. If the price of soda is $1 per can, how many sodas will the consumer purchase in a typical month?
If these economists ignore the possibility of crowding out, what would they estimate the marginal propensity to consume (MPC) to be? Now suppose the economists allow for crowding out. Would their ne
Explain why marginal product first rises, then declines, and ultimately becomes negative. What bearing does the law of diminishing returns have on short-run costs? Be specific
An industry consists of three firms with identical costs C(q) = 18q + q2. Market demand is Q = 150 - p. (i) What is the industry equilibrium (price, output and profits) if the firms have Cournot be
Derive the export supply curve XSMFN. Find the domestic price P, quantity imported M and border price P - T. How much tariff revenue is collected and what is the export supply XR from RoW and XP fro
What are the main costs and benefits to the EU of extending membership to the Central and Eastern European (CEE) new members that have recently been admitted? Why was the EU willing to take on thos
Each month, Kate buys four glasses of lemonade when the price is $1.00 per glass, and she buys two glasses when the price is $1.50 per glass. Which of the following points is on the market demand cu
How can collusion affect pricing in an oligopoly? Why is collusion difficult to detect? Would you expect collusion to be more prevalent in an industry with three competitors or one with eight compet
Does alfredo have lower cost of producing pizza than paolo does because alfredo recieved his pizza ovens as a gift while paolo had to pay for his? explain.
Is there a contradiction here? why is the average viewer of tv news or the average reader of a newspaper interested in the fluctuations in prices in the stock market?
Determine the output level where average variable costs are minimized. Determine the output level where marginal costs are minimized.
In 2004, based on concepts similar to those used to estimate U.S. employment figures, the Italian adult non-institutionalized population was 45.020 million, the labor force was 24.065 million, and t
Use the Skin Deep site to search for some personal care products that you use. How do they rate? What sort of risks do they pose to your health?
Which of the following gives a correct expression for labor productivity in the first year?
Draw the supply curve for an individual firm. On a separate graph, draw the demand and supply curves for the industry as a whole. Indicate the equilibrium price and output. Now draw the individua
How are presidential election outcomes related to the performance of the economy? Discuss the difference between Microeconomics and Macroeconomics.